NEW BRUNSWICK, N.J., Nov. 14, 2013 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months and year ended September 30, 2013.
The Company reported net income of $129,000 for the three months ended September 30, 2013, compared to net income of $295,000 for the three months ended September 30, 2012. The Company reported net income for the year ended September 30, 2013 of $262,000, compared to net income of $509,000 for the year ended September 30, 2012. The basic and diluted earnings per share were $0.02 and $0.05 for the three and twelve months ended September 30, 2013, compared with basic and diluted earnings per share for the three months and twelve months ended September 30, 2012 of $0.05 and $0.09, respectively.
"Throughout Fiscal Year 2013, Magyar Bank saw continued improvement in our balance sheet and our core earnings," stated John Fitzgerald, President and Chief Executive Officer. "We sold 12 properties that were previously held as Other Real Estate Owned during the year, and were able to obtain title for 9 properties that were previously non-performing loans. Our ability to execute our strategy of securing title and selling Bank owned property resulted in a 9% reduction of non-performing assets for the fiscal year."
Mr. Fitzgerald added, "We also continued to improve our deposit mix with lower cost core deposits, increasing our checking account balances by 21%. This enabled the Bank to maintain its net interest margin at 3.27% for the 12 months ended September 30, 2013, despite a persistent declining interest rate environment during the past year."Mr. Fitzgerald continued, "We expect these trends to continue into 2014, with further reduction of our non-performing assets leading to improved earnings for the year."
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